Mark Cuban-backed banking app Dave going public in $4B deal

The Mark Cuban-backed banking app Dave is going public via a blank-check company deal that values the company at $4 billion.

The online banking platform known for its “banking for humans” catchphrase was created in 2017 to help consumers avoid overdraft fees from traditional banks. Dave claims it has saved its 10 million customers an estimated $1 billion since its launch. The planned stock listing comes as the banking industry battles the launch of new consumer-friendly services as the pandemic accelerates the shift to online banking. A consortium of banks including JPMorgan, for example, recently announced plans to extend credit to disadvantaged groups.